Copper Fox insider commits to 83% of increased $3m offer
TORONTO (miningweekly.com) – An insider of British Columbia-based project developer Copper Fox has committed to 83%, or $2.5-million, of a $3-million private placement, the company announced on Friday.
Copper Fox director, insider and control person Ernesto Echavarria had committed to participate in the offering, being the most recent insider to obtain tightly held shares in the company developing the Schaft Creek copper/gold/molybdenum/silver deposit.
The company said it intended to place the remaining $500 000 of the offering on a private basis.
Copper Fox increased the size of the nonbrokered private placement from $2.5-million to $3-million, which was expected to consist of up to 3.79-million shares at a price of 79c a unit.
Each unit consisted of a common share and a common share purchase warrant, which entitled the holder to acquire a common share at a strike price of $1 before the one year anniversary of closing of the offering.
Monies raised from the offering would be used to fund costs associated the environmental assessment application, development expenses of the Schaft Creek and Arizona projects, and general operating expenses.
The Schaft Creek project had proven and probable mineral reserves totalling 940.8-million tons, containing 5.6-billion pounds of copper, 5.7-million ounces of gold, 363.5-million pounds of molybdenum and 51.7-million ounces of silver on the basis of drill data up to May 23, 2012.
The company’s TSX-V-listed shares closed at 78 Canadian cents apiece on Friday.
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